M/s Krian Cinema Banquets Pvt Ltd vs The ACIT 10(1)(2), Mumbai
Case No: ITA No.4860/Mum/2025
Court: INCOME-TAX APPELLATE TRIBUNAL, MUMBAI BENCH ‘E’, MUMBAI
Date: 1/6/2026
Parties Involved
appellantM/s Krian Cinema Banquets Pvt Ltd
respondentThe ACIT 10(1)(2), Mumbai
Facts Summary
The assessee, M/s Krian Cinema Banquets Pvt Ltd, filed its return of income declaring a loss of Rs.52,81,310/-. The return was processed under section 143(1) of the Income-tax Act, 1961. The case was selected for scrutiny through CASS under the category of ‘Limited Scrutiny’ to verify the receipt of a large share premium during the year, specifically to examine the applicability of section 56(2)(viib) of the Act. The assessee issued shares to both resident and NRI subscribers and received share …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Assessing Officer had the authority to make an addition under section 68 of the Act during a limited scrutiny?
- 2. Whether the assessee complied with the statutory requirements to establish the genuineness of the share premium transactions?
Precedents Relied Upon
4 precedents cited in this judgement.